European Union presents support package to Cabo Verde with investment of 246 million euros through the Global Gateway

On October 24th, the European Union announced an investment package for Cabo Verde through the Global Gateway strategy.

According to the European Union's press release, the "Global Gateway aims to create a better future in our partner countries. The EU shares Cape Verde's vision for a greener, more connected and economically empowered future. The investments presented will strengthen our partnership and our commitment to make Cabo Verde more sustainable and prosperous," said European Commission President Ursula von der Leyen.

This investment package will be around 246 million euros and aims to support the Government of Cabo Verde in the renewable energy sector, sustainable transport and digital connectivity.

According to the EU press release, the package presented includes: "Unlocking the power of green energy for Cabo Verde. The EU and the European Investment Bank (EIB) will pool resources to provide a combined grant and framework loan to revolutionise Cabo Verde's energy market. The first phase will focus on the development of a reversible hydropower plant for storage and other essential components to optimize energy use. The EU will support with a €29 million grant combined with an EIB sovereign loan of €120 million to achieve energy sustainability".

In addition, "the EIB will support Cabo Verde with a business loan of €22 million to support the wind farm expansion project of [ALER’s member] Cabeólica, which will add 13 MW of clean and renewable energy to the country's grid. This expansion includes the installation of two 5 MW wind turbines and a 5 MW/h energy storage system, further reinforcing Cabo Verde's commitment to green energy (reaching 50% renewable energy sources by 2030). Cabeólica is a public-private partnership supported by Team Europe, the Government of Cape Verde and the local private sector."

"These agreements represent significant progress towards a sustainable and prosperous future for Cabo Verde. As the Global Gateway Strategy continues to progress, these initiatives pave the way for a cleaner, more connected Cape Verde. The European Investment Bank and the EU are proud to be partners in this remarkable journey," they conclude.

Ulisses Correia e Silva, Prime Minister of Cape Verde, expressed on his Facebook page his enthusiasm "with the strengthening of the partnership between Team Europe and Cape Verde. This collaboration in the area of renewable energy, sustainable transport and digital connectivity is a significant step towards a sustainable, connected and economically strong future," he wrote.

Full article available here.

Source: Government of Cape Verde